Oil futures traded steadily during the US session on Friday, August 21, 2026, according to a report from WSJ. The market showed little movement as traders weighed ongoing supply concerns against broader economic signals.
Brent crude held near $94 per barrel, with bullish sentiment supported by risks in the Strait of Hormuz and low inventories, as reported by VT Markets. The stability in US trading followed a period of volatility that saw prices jump by $2 earlier in the week, according to Dawn, with supply worries driving the gains.
The Express Tribune noted that oil prices had climbed about 1% to reach a near three-week high before the latest session. That upward momentum appears to have paused, with futures now holding in a narrow range as traders assess the balance between tight supply and demand outlook.
The supply concerns stem largely from geopolitical risks around key shipping routes, particularly the Strait of Hormuz, a critical passage for global crude shipments. Low inventory levels have also supported prices, with market participants betting on continued strength in both oil and diesel markets, per VT Markets.
Traders are also keeping an eye on currency movements, as Business Recorder reported on the dollar's rate in the interbank market, a factor that can influence commodity prices globally.
For now, the market appears to be in a holding pattern, with prices steady as investors digest the latest supply data and geopolitical headlines.
What to watch next: Whether crude can sustain its recent gains or if profit-taking will pull prices back from the near three-week high in the coming sessions.
